2024 – a new year and a fresh start. You’ll be welcoming new guests and facilitating memorable stays (which is what makes the hotel industry fun), but don’t forget that this all requires planning.
Knowing what to expect in the year ahead is crucial for hotel owners. 2023 saw a real bounce back in corporate travel and the continued growth of rates, but will this continue into 2024?
To help you out, we're sharing our thoughts on what the hotel industry should expect in 2024.
According to Trivago, more Brits are choosing to do staycations in 2024 instead of travelling abroad – for the first half of 2024, London and Edinburgh are the top destinations for travel.
The cost of both flights and hotels is forcing many to book a closer break, which should translate to a rise in bookings. Show off your facilities, let potential customers know that a local break isn’t a bad thing and that they can still relax and unwind even if they’re a bit closer to home.
British holidaymakers have always had an eye for a bargain, but this is especially true when people’s finances are being squeezed. Further interest rate rises in 2024 could affect people’s leisure spending. Although, the fact that confidence has remained high in 2023 despite rate rises suggests people still aren’t willing to sacrifice their getaways. Savvy hoteliers will be watching for any signs of this confidence dropping and responding with appropriate offers and incentives to get people in beds.
We know how important reviews are for any hospitality-based business. But as people are more conscious of where they spend their cash (see above), the desire to book somewhere which has an authentic stamp of approval, whether it’s from reviewers, strangers or friends and family, grows. Evidence suggests that when presented with two properties priced the same, 80% of consumers would book the one with the higher review score.
In 2024, guests want unique, personalised experiences. They want to spend money on a break that’s perfect for them and one that meets their specific needs and preferences.
It’s worth taking the time to find out more about your guests and their likes/dislikes. Invest in offering tailored experiences that can’t be found elsewhere so that guests come back to you time and time again. Figure out how you can differentiate yourself from your competitors.
Corporate demand has really bounced back, and this is expected to remain strong throughout 2024. UK corporate group travel is trending +15% on 2019 levels as people seek new ways to connect with co-workers and colleagues now that so many of us work from home at least some of the time.
More and more people are becoming eco-conscious. They’re educating themselves on the impact they have on the environment and want to do better, which involves holding others to account. And evidence suggests people are willing to pay a premium for a greener experience.
There’s a real opportunity for hotel owners to make green changes and advertise just how sustainable your property is. Look into getting locally sourced foods, use energy-efficient appliances, publicise the public transport links around you – whatever the action, guests are likely to be impressed that you’re working to be more sustainable.
And, if you haven’t already, put together a sustainability policy and share that with your guests.
By now we’ve all heard about the rise of AI, but is it going to be impacting hotels in 2024? The short answer is yes.
Expect to see AI-powered chatbots, virtual concierges, interactive hotel tours (with artificial reality), voice tech, mobile check-in and much, much more. Technology is changing the hotel industry and next year we’ll all continue to see how. If you want to create a seamless experience for your guests, it’ll be worthwhile investing in good tech.
The American Express 2023 Global Travel Trends Report found that 73% of people are planning holidays around improving their physical and emotional health.
68% said they’re choosing travel destinations close to nature for the sake of their mental health and 43% reported that they choose hotels based on spa and wellness facilities.
This research proves that wellness tourism is increasing. Expect your guests to ask about your spa facilities and take the time to improve your offerings if needed. If your spa facilities are already top-quality, shout about them from the rooftops.
As hotels attempt to tempt guests to pick them over rivals, there'll be a focus on 'extras' like spa, leisure club and golf facilities. We expect to see a rise in hotels making investments in these areas.
Interested in a brand partner that understands the needs of independent hotels and with a track record of performance, support and delivery? Discover the growth and excellence BWH Hotels GB can bring to your business by visiting www.joinbwhhotels.co.uk where you can learn more about our brands and services, meet our expert team, and see how we make a difference.
For a tailored discussion about your hotel’s potential, immediately connect with our Hotel Development team at [email protected].
